Navigation Links
Hampton Roads Ventures Tackles U.S. Healthcare Crisis Community by Community
Date:3/16/2009

Medical Office Building Project Provides State-of-the-Art Healthcare for Rural and Urban Communities

NORFOLK, Va., March 16 /PRNewswire-USNewswire/ -- Hampton Roads Ventures (HRV), a community development investment firm, employed the federal New Markets Tax Credit ("NMTC") program to provide equity and debt financing for two medical building projects in both urban and rural communities in Virginia providing successful solutions to one of the top issues affecting Americans: affordable and accessible healthcare.

With the recent deal closing of the Duffield Medical Center in Duffield, Va., HRV solidified its impact on the federally-designated medically underserved area in the Appalachia region. Using NMTCs to attract private sector investment capital, HRV provided $5 million of financing with "equity-like" features and non-traditional rates and terms to facilitate the development of the state-of-the-art 26,500 sq. foot project.

HRV's innovative financing techniques are allowing for the area to triple its available physicians from two to six, providing a full service outpatient diagnostic center and a fully-equipped rehabilitation facility -- a first for the Community Development Financial Institutions (CDFI) Low-Income Community. The development of this $6.9 million center will provide 37 permanent jobs and provide countless health improvements for those in the surrounding community.

In continuing with its 2009 initiative focusing on Jobs, Healthcare, and Education, HRV partnered with development firm Lauth, Bank of America and SunTrust to solidify the dream of longtime Norfolk resident, Dr. Keith Newby, Sr. to develop the Fort Norfolk Plaza Medical Office Building. The nine-story, 195,890 sq. foot building will be the first new medical office building constructed in Downtown Norfolk in 40 years.

HRV was poised to help fulfill Dr. Newby's dream with its investment of $11.6 million in below market-rate and "equity-like" loans for the project. The $67.8 million project will provide state-of-the-art facilities to health care professionals with a Medicare/Medicaid patient population of at least 50 percent to 60 percent. In addition, the Class-A building will include several medical practices, a parking garage, and retail space creating approximately 1,205 new jobs in an urban community near three low-income public housing communities.

"The innovative development of these medical office projects are just the beginning of what we hope to accomplish. Facilitating NMTCs to more than 10 projects, HRV continues to be a part of significant community transformations throughout the U.S., while keeping a constant focus on the most prominent issues Americans are facing," said Robert K. Jenkins, Jr., HRV President and CEO.

About HRV

Hampton Roads Ventures, LLC, is a community development investment firm specializing in attracting private-sector investment capital into innovative economic community development projects in underserved communities, particularly lower income urban and rural communities. HRV works closely with local business, government and civic leaders to identify investment opportunities that will be a catalyst for additional private sector investment and development.

    Contact Hampton Roads Ventures, LLC
    Dwan Jones - 757.619.1394 - media@hamptonroadsventures.com
    Stephanie Best - 757.616.0478 - info@hamptonroadsventures.com


'/>"/>
SOURCE Hampton Roads Ventures
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. PSI Selected to Operate Virginias Child Support Program in Chesapeake and Hampton
2. Matthew Reeve to Host The Christopher and Dana Reeve Foundations Annual Hamptons Summer Soiree
3. Broadstreet Names Dorian Fabio Executive Vice President of Learning and Performance Improvement
4. VirtualHealth Technologies CEO Scott Hare Discusses New Security and Encryption Technologies for Healthcare Sector with CEORoadshow.com in Exclusive Online Audio Interview
5. Researchers Map Americas Deadliest Roads
6. Broadspire Announces Key Leadership Appointments
7. XM Launches Second Annual XMKiDS Traveling Roadshow National Initiative Benefiting Childrens Miracle Network
8. PEMCO Insurance Organizes Roadside Chainsaw Woodcarving Competition to Replace a Beloved Federal Way Icon
9. Genetic Medicine Making Inroads Against Disease
10. Hillenbrand Releases Investor Roadshow Materials and Updated Financial Guidance Related to Separation Of Hill-Rom and Batesville Casket
11. Small Health Plans Making Inroads in Florida Marketplace
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/10/2016)... ... 10, 2016 , ... 10 Best Water is excited to announce ... brand owners that topped the list as a result of their commitment to offering ... brand was Tibet 5100, a top notch water company that specializes in providing the ...
(Date:2/10/2016)... , ... February 10, 2016 , ... ... organization, welcomes S.S. Nesbitt as the latest addition to its growing list of ... other locations throughout the Southeast, from Orlando to Huntsville and in between. , ...
(Date:2/10/2016)... ... February 10, 2016 , ... Pediatric ... in their patients. Research shows that the Goal Attainment Scale (GAS) captures 20% ... this challenge and learn more about the Goal Attainment Scale, Education Resources Inc. ...
(Date:2/10/2016)... ... February 10, 2016 , ... IDEX Health & ... PEEK-lined stainless steel (PLS) columns combine the strength of traditional stainless steel with ... of biological samples while operating at ultra-high pressures of 20,000 psi. The higher ...
(Date:2/10/2016)... Washington, DC (PRWEB) , ... February 10, 2016 , ... ... highest level since the start of Medicare Part D a decade ago, according to ... collecting comments from older adults on how they are coping with rapidly rising costs. ...
Breaking Medicine News(10 mins):
(Date:2/10/2016)... Feb. 10, 2016  Astellas Pharma Inc. (TSE: 4503, ... today that it has successfully completed, through its indirect ... to purchase all issued and outstanding shares of common ... CEO: Paul Wotton , "Ocata") for a price ... cash ("Tender Offer"). Astellas commenced the Tender Offer on ...
(Date:2/10/2016)... , Feb. 10, 2016  The ... Nursing received an in-kind gift from ... a VeinViewer® Vision vein finder for the ... help students as they learn how to ... technology with traditional technique. ...
(Date:2/10/2016)... , Feb. 10, 2016 ... synergistic confluence of various technologies that results ... previously unavailable. These opportunities create a cyclical ... in turn, drives the development of new ... is characterized by technology convergences, which are ...
Breaking Medicine Technology: